Financial Estimates

(1) The Vice Chancellor shall cause to prepare on or before such date as may be prescribed by the regulations, the financial estimates for the ensuing year. (2) The Executive Council may approve the financial estimates with such modifications as it may deems fit, and no expenditure shall be incurred except in accordance with the financial estimates as approved by the Executive Council. (3) The Executive Council may, in case where the expenditure in excess of the amount provided in the budget is to be incurred or in cases of urgency, for reasons to be recorded in writing, incur such expenditure.